The Shree Ganesh Sahakari Bank Ltd, Nashik, Maharashtra, was placed under directions vide directive dated April 01, 2013 from close of business on April 02, 2013. The validity of the directions was extended from time to time vide subsequent modified Directives, the last being Directive dated March 24, 2017 upto September 29, 2017, subject to review.
It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated April 01, 2013, issued to the above bank, as modified from time to time, the validity of which was last extended upto September 29, 2017 shall continue to apply to the bank for a further period of six months from September 30, 2017 to March 29, 2018 vide Directive dated September 25, 2017 subject to review.
A copy of the directive dated September 25, 2017 notifying the above extension is displayed at the bank’s premises for the perusal of public.
The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.
Press Release : 2017-2018/910